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Asia Stocks See Early Gains, Yen Drops, Oil Falls: Markets Wrap
(Bloomberg) -- Asian stocks saw modest gains in early trading Monday and the yen retreated after a number of countries reported the fewest deaths from the coronavirus since March. Crude oil fell.Futures on the S&P 500 fluctuated after the index gained on Friday even in the wak of an historic surge in American unemployment. Japanese, Korean and Australian stocks edged up. France, Italy and the U.K. all reported the fewest deaths since March, though South Korea warned of the risk of a second wave of infections. Treasuries ticked lower. As governments around the world give more details on how economies will gradually restart, equities have continued to grind higher from their March lows. That has led some investors to question the gains as they mulled the prospects for a swift recovery in earnings and economic growth.U.K. Prime Minister Boris Johnson stressed there would be no immediate end to the lockdown as he detailed the initial steps to kick starting the economy on Sunday. New York Governor Andrew Cuomo said he would on Monday release more details on how the state would begin to reopen. “Much of the eventual improved growth and virus news is already priced into markets,” said Bob Baur, chief global economist at Principal Global Investors LLC. “Because so much future growth and uptrend potential is priced in, we expect a period of relapse and consolidation through June.”Meantime on the policy front, China’s central bank pledged “more powerful” policies to counter the economic hit, with more focus on growth and jobs. The quarterly monetary policy report didn’t repeat an earlier vow to “avoid excess liquidity flooding the economy.”Elsewhere, West Texas crude is coming off the back of a 25% advance last week, when oil capped its first back-to-back gain since February.Here are some key events coming up:Earnings continue to roll in from companies including Tencent, Allianz, and Petrobras.Regional Federal Reserve presidents James Bullard, Loretta Mester and Patrick Harker are due to speak at events on Tuesday.OPEC gives its monthly oil market report on Wednesday.U.S. weekly jobless claims data is due Thursday.China on Friday releases industrial production and retail sales data for April.These are the main moves in markets:StocksFutures on the S&P 500 were up 0.4% as of 9:09 a.m. in Tokyo. The gauge rose 1.7% on Friday.Japan’s Topix climbed 1%.Hang Seng futures added 0.4% on Friday.Australia’s S&P/ASX 200 Index gained 0.9%.Kospi Index rose 0.4%.CurrenciesThe yen slid 0.3% to 106.95 per dollar.The offshore yuan was little changed at 7.0920 per dollar.The euro bought $1.0837, little changed.BondsThe yield on 10-year Treasuries rose about a basis point to 0.70%.Australia’s 10-year yield advanced seven basis points to 0.96%.CommoditiesWest Texas Intermediate crude fell 1.7% to $24.32 a barrel.Gold was little changed at $1,707 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stock-futures-edge-higher-210652014.html?.tsrc=rss
(Bloomberg) -- Asian stocks saw modest gains in early trading Monday and the yen retreated after a number of countries reported the fewest deaths from the coronavirus since March. Crude oil fell.Futures on the S&P 500 fluctuated after the index gained on Friday even in the wak of an historic surge in American unemployment. Japanese, Korean and Australian stocks edged up. France, Italy and the U.K. all reported the fewest deaths since March, though South Korea warned of the risk of a second wave of infections. Treasuries ticked lower. As governments around the world give more details on how economies will gradually restart, equities have continued to grind higher from their March lows. That has led some investors to question the gains as they mulled the prospects for a swift recovery in earnings and economic growth.U.K. Prime Minister Boris Johnson stressed there would be no immediate end to the lockdown as he detailed the initial steps to kick starting the economy on Sunday. New York Governor Andrew Cuomo said he would on Monday release more details on how the state would begin to reopen. “Much of the eventual improved growth and virus news is already priced into markets,” said Bob Baur, chief global economist at Principal Global Investors LLC. “Because so much future growth and uptrend potential is priced in, we expect a period of relapse and consolidation through June.”Meantime on the policy front, China’s central bank pledged “more powerful” policies to counter the economic hit, with more focus on growth and jobs. The quarterly monetary policy report didn’t repeat an earlier vow to “avoid excess liquidity flooding the economy.”Elsewhere, West Texas crude is coming off the back of a 25% advance last week, when oil capped its first back-to-back gain since February.Here are some key events coming up:Earnings continue to roll in from companies including Tencent, Allianz, and Petrobras.Regional Federal Reserve presidents James Bullard, Loretta Mester and Patrick Harker are due to speak at events on Tuesday.OPEC gives its monthly oil market report on Wednesday.U.S. weekly jobless claims data is due Thursday.China on Friday releases industrial production and retail sales data for April.These are the main moves in markets:StocksFutures on the S&P 500 were up 0.4% as of 9:09 a.m. in Tokyo. The gauge rose 1.7% on Friday.Japan’s Topix climbed 1%.Hang Seng futures added 0.4% on Friday.Australia’s S&P/ASX 200 Index gained 0.9%.Kospi Index rose 0.4%.CurrenciesThe yen slid 0.3% to 106.95 per dollar.The offshore yuan was little changed at 7.0920 per dollar.The euro bought $1.0837, little changed.BondsThe yield on 10-year Treasuries rose about a basis point to 0.70%.Australia’s 10-year yield advanced seven basis points to 0.96%.CommoditiesWest Texas Intermediate crude fell 1.7% to $24.32 a barrel.Gold was little changed at $1,707 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stock-futures-edge-higher-210652014.html?.tsrc=rss
